30 May, 2019

Egypt's Better Home launches its biggest residential project in the new capital

Midtown Sky is spread over an area of 122 acres

Image used for illustrative purpose. Construction machines and workers are seen in Egypt's new administrative capital, approximately 45 km (28 miles) north of Cairo, Egypt October 18, 2017.

Image used for illustrative purpose. Construction machines and workers are seen in Egypt's new administrative capital, approximately 45 km (28 miles) north of Cairo, Egypt October 18, 2017.

REUTERS/Amr Abdallah Dalsh

30 May 2019
Egypt-based property developer Better Home Group has launched its biggest residential project Midtown Sky in the New Administrative Capital, a top company executive said.

Sales director and board member Ashraf Adel told Thomson Reuters Projects that the 122-acre development would comprise of 450 villas, 2,620 apartments and three community malls, and be completed over five and half years.

He didn't disclose the project cost but said 30 percent of the project has been sold and enabling works have started.

Pointing out that the company has three ongoing residential projects in the new capital, Adel said the company has started excavation works to start construction of Midtown Condo residential project.

"The 60-acre project comprises of 2,520 units spread across 54 buildings and three community malls. Construction would be completed in four and a half years," he said, adding that 70 percent of the project has been sold to date.

He said construction of the 66-acre Midtown Solo villa project in the new capital started in January and would be completed in the second quarter of 2020, adding that the project includes 291 villas and a shopping centre.

Also on track for completion in the second quarter of 2020 is the company's first residential project in the new capital, the 391-unit Midtown Villa, which also includes three malls, Adel said, adding that construction of the project started last year.

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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